Question
Calculate the amount and cornpound interest for the following, when cornpounded annually:
$Rs.16,000$ for $3$ years at $7 \frac{1}{2} \%$ p.a.
$Rs.16,000$ for $3$ years at $7 \frac{1}{2} \%$ p.a.
✓
Answer
$Rs.16,000$ for $3$ years at $7 \frac{1}{2}$ p.a.
$P=\operatorname{Rs} 16,000 ; t=3$ years $; r=7 \frac{1}{2}$ p.a.
$A=P\left(1+\frac{r}{100}\right)^n $
$A=\text { Rs } 16000\left(1+\frac{15}{2 \times 100}\right)^3$
$=\text { Rs } 16,000 \times 1.075 \times 1.075 \times 1.075 $
$=\text { Rs } 19,876.75$
$ \text { C.I. }=A-P $
$ =\text { Rs }(19,876.75-16,000) $
$ =\text { Rs 3,876. } 75 $
Hence, Amount $= Rs.19,876.75$ and C.I. $= Rs.3,876.75$
$P=\operatorname{Rs} 16,000 ; t=3$ years $; r=7 \frac{1}{2}$ p.a.
$A=P\left(1+\frac{r}{100}\right)^n $
$A=\text { Rs } 16000\left(1+\frac{15}{2 \times 100}\right)^3$
$=\text { Rs } 16,000 \times 1.075 \times 1.075 \times 1.075 $
$=\text { Rs } 19,876.75$
$ \text { C.I. }=A-P $
$ =\text { Rs }(19,876.75-16,000) $
$ =\text { Rs 3,876. } 75 $
Hence, Amount $= Rs.19,876.75$ and C.I. $= Rs.3,876.75$
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